Anjney Midha

How are you going to fund it?

50% cash, 50% stock.

I don't think the question, the question isn't can GameStop afford eBay?

The question is whether the underlying business actually works.

And I think it does, but not for the reason I was expecting Ryan to pitch.

Okay.

So if you pull up eBay's 10K from February, fiscal 25, and I did not understand this until I read it, eBay spent $2.4 billion on marketing.

How many new users did they get for that?

I mean, you guys are marketers, so you understand.

One million.

Whoa.

That's crazy.

The user base went from 134 million users to 135 million users after spending $2.4 billion on marketing.

I don't know, but that's $2,400 of marketing per new user on a site that every American already knows exists.

So where's all that money going?

I don't think Cohen is buying eBay.

Just watching Ryan, I don't think he's

buying eBay because he thinks he's smarter than eBay's product team.

I think he's buying eBay because he can see $2 billion of fat that Wall Street has been pricing as fixed cost.

And so he goes, okay, let me cut that.